At last, WhatsApp has removed the trigger on payments in its app. The Facebook-owned messaging service announced that users in Brazil would be the first to be able to send and receive money by way of its messaging app. The payments are enabled through Facebook Pay, which parent company Facebook said last year it would be rolling out to Instagram, Messenger, Facebook, and eventually WhatsApp.
The WhatsApp payment system announced in 2018, it was supposed to be launched during the fourth quarter of last year but was postponed. Thank God, it is finally available, you can now send and receive money through WhatsApp securely within your chat with family, friends, and businesses if you live in Brazil.
WhatsApp says in its blog post that the payments service — which currently is free for consumers to use (that is, no commission fee taken) but businesses pay a 3.99% processing fee to receive payments — will work by way of a six-digit PIN or fingerprint to complete transactions.
According to WhatsApp, the payment was built with security, and a six-digit PIN or fingerprint will be required before transactions can be completed. This is to prevent unauthorized transactions.
At the moment, WhatsApp payment is supported by Visa and Mastercard debit and credit cards from Banco de Brasil, Nubank, and Sicredi. WhatsApp also says it is working with Cielo, Brazil’s leading payments processor, and has built an open model to make it easy for more partners to join in the future.
The service is already rolling out to users and should arrive for everyone in the coming weeks.
No word yet on when the payment feature will roll out to more countries but we are hoping it will roll out to all countries soonest.
Do you think this will be a better alternative to PayPal?